Company News, Financial News

Bulgarians Are Behind Bogus Bid for Avon

According to an SEC lawsuit

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By: TOM BRANNA

Editor

Blame it on Bulgarians. The U.S. Securities and Exchange Commission filed a lawsuit over an alleged fake offer to buy Avon Products, Reuters reported, citing a court filing.

The agency sued PTG Capital Partners, PST Capital Group, Nedko Nedev, Strategic Capital Partners Muster and Strategic Wealth Investment, according to the wire service. All the cmpanies named in the suit are based in Bulgaria. According to the SEC, Nedev had along with others taken positions in the stocks before the alleged manipulation, hoping to sell their positions at artificially inflated prices, and that the manipulation made Nedev “tens of thousands of dollars.”


The SEC lawsuit seeks civil penalties and to recoup illegal profits from Nedko and the other defendants.

 

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